🏛️ Cabinet Approves New Apex Body for Industrial Transformation

The Cabinet of Ministers has officially greenlit the drafting of legislation to establish the Sri Lanka Industrial Transformation and Innovation Authority. This strategic move aims to streamline the national framework for industrial and enterprise development through institutional consolidation. • Institutional Consolidation: The new authority will merge three existing bodies into a single entity to eliminate overlap: The Industrial Development Board The National Enterprise Development Authority The Small Enterprise Development Division • Strategic Objectives: The restructuring, recommended by a committee chaired by the Secretary to the Prime Minister, focuses on improving efficiency and policy coherence across the industrial and SME sectors. • Framework & Support: The draft legal framework was developed by the Ministry of Industry and Entrepreneurship Development with technical assistance from the Asian Development Bank. • Economic Impact: The move is designed to strengthen support for industrial transformation, foster innovation, and enhance the coordination of non-commercial State-owned institutions to better serve the national economy. 📈